Latest news with #SenateBanking
The Hill
20-05-2025
- Business
- The Hill
Stablecoin bill clears early Senate floor hurdle in win for crypto industry
The Senate voted to move forward with consideration of legislation to create a regulatory framework for payment stablecoins Monday night, bringing the key crypto bill one step closer to final passage. Sixteen Democrats joined all but two Republicans in voting to end debate on a motion to proceed on the GENIUS Act. The vote marks a reversal for the group of more than a dozen Democrats, who joined with the rest of their colleagues to vote down the legislation earlier this month amid a dispute with Republicans. 'Tonight's vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,' Senate Banking Chair Tim Scott (R-S.C.) said in a statement. 'After playing politics, I'm glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape.' 'By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security,' he continued. A contingent of crypto-friendly Democrats, several of whom had voted the GENIUS Act out of the Senate Banking Committee, pulled their support for the bill earlier this month after Senate leadership moved to expedite a floor vote. Democrats accused Republicans of cutting negotiations short, arguing they still had numerous concerns with the legislation and could not vote for it in its current form. After two weeks of negotiations, the two sides reached an agreement on new language, with crypto-friendly Democrats touting 'major victories' on anti-money laundering, national security and consumer protection provisions. They also highlighted new restrictions aimed at blocking Big Tech firms from launching their own stablecoins. However, the changes did not prove sufficient for some Democratic holdouts. Senate Banking Democratic staff, under the leadership of longtime crypto critic and ranking member Elizabeth Warren (D-Mass.), argued in a memo last week that the bill 'paves the way for more Trump crypto corruption' and that its Big Tech restrictions don't go far enough. President Trump's growing crypto portfolio has complicated efforts by his administration and Republican lawmakers to get key crypto legislation across the finish line. Trump is set to have dinner with the top investors in his meme coin later this week. The token, which the president launched shortly before inauguration, has traded higher in recent weeks as investors competed for one of 220 coveted spots at the private dinner. World Liberty Financial, the crypto venture launched by Trump and his sons, also announced earlier this month that its new stablecoin would be used to conduct a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. Democrats have raised concerns that the president is using the various crypto ventures to profit off his office while also exposing the federal government to potential foreign influence. These concerns prompted House Democrats to walk out of a hearing on market structure legislation earlier this month. Market structure legislation aims to clarify how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) split up the regulation of the entire digital asset market. It represents the second key piece to the Trump administration's legislative agenda for the crypto industry, alongside the stablecoin bill.
Yahoo
19-05-2025
- Business
- Yahoo
JPMorgan to allow clients to buy Bitcoin, CEO says
JPMorgan Chase CEO Jamie Dimon said that the asset management firm will allow its clients to purchase Bitcoin. The firm will, however, not custody the cryptocurrency, he added. "I am not a fan" of Bitcoin, the billionaire CEO clarified. He was addressing the company's Investor Day on May 19 when he made these remarks. With a market cap of $740 billion, JPMorgan Chase is the world's largest bank that has more than $4 trillion in assets under management. Dimon's concession to the cryptocurrency is noteworthy, given his earlier characterization of Bitcoin as "fraud" in September 2017. In fact, Dimon told Sen. Elizabeth Warren (D-MA) during a Senate Banking hearing on Dec. 6, 2023, "I've always been deeply opposed to crypto, bitcoin, etc... You pointed out the only true use case for it is criminals, drug traffickers, money launderers, tax avoidance . . . If I was the government, I'd close it down." As per Kraken, Bitcoin was trading at $103,365 at press time. Regarding the blockchain technology that forms the infrastructure of the crypto economy, Dimon said it doesn't matter as much as you think. Note that the Wall Street giant only recently settled its first transaction on a public blockchain on May 14. The settlement involved tokenized U.S. Treasuries. Dimon claimed that geopolitical risk is very high and the tariff rates, even if lowered, are still "pretty extreme." On May 12, the U.S. and China lowered tariffs on each other for a temporary period of 90 days as they negotiate further. The CEO also shared his views on the U.S. economy during the talk and said he wouldn't take stagflation off the table. Stagflation in an economy refers to persistent high inflation in tandem with high unemployment and stagnant demand.
Yahoo
19-05-2025
- Business
- Yahoo
JPMorgan to allow clients to buy Bitcoin, CEO says
JPMorgan Chase CEO Jamie Dimon said that the asset management firm will allow its clients to purchase Bitcoin. The firm will, however, not custody the cryptocurrency, he added. "I am not a fan" of Bitcoin, the billionaire CEO clarified. He was addressing the company's Investor Day on May 19 when he made these remarks. With a market cap of $740 billion, JPMorgan Chase is the world's largest bank that has more than $4 trillion in assets under management. Dimon's concession to the cryptocurrency is noteworthy, given his earlier characterization of Bitcoin as "fraud" in September 2017. In fact, Dimon told Sen. Elizabeth Warren (D-MA) during a Senate Banking hearing on Dec. 6, 2023, "I've always been deeply opposed to crypto, bitcoin, etc... You pointed out the only true use case for it is criminals, drug traffickers, money launderers, tax avoidance . . . If I was the government, I'd close it down." As per Kraken, Bitcoin was trading at $103,365 at press time. Regarding the blockchain technology that forms the infrastructure of the crypto economy, Dimon said it doesn't matter as much as you think. Note that the Wall Street giant only recently settled its first transaction on a public blockchain on May 14. The settlement involved tokenized U.S. Treasuries. Dimon claimed that geopolitical risk is very high and the tariff rates, even if lowered, are still "pretty extreme." On May 12, the U.S. and China lowered tariffs on each other for a temporary period of 90 days as they negotiate further. The CEO also shared his views on the U.S. economy during the talk and said he wouldn't take stagflation off the table. Stagflation in an economy refers to persistent high inflation in tandem with high unemployment and stagnant demand. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Democrats block stablecoin bill in blow to crypto
Legislation to create a framework for payment stablecoins failed to clear a key hurdle on the Senate floor Thursday, after several Democrats voted against moving forward with consideration of the bill. Senators voted 48-49 to end debate on a motion to proceed on the GENIUS Act, short of the 60 votes required to move the measure further along the road to final passage. Senate Majority Leader John Thune (R-S.D.) switched his vote from yes to no in a procedural move that allows him to bring the measure up again. Senate Democrats who previously supported the GENIUS Act withdrew support for the bill over the weekend, after Republican leadership sought to fast-track a vote on the legislation. The senators accused Republicans of cutting off negotiations early, arguing that the latest version of the bill lacked strong enough provisions on anti-money laundering, national security and other issues. The two sides have been engaged in negotiations for several days, with some reports of a deal. However, Senate Democrats said Thursday morning that they had still not seen new bill text. Sen. Ruben Gallego (D-Ariz.), the top Democrat on the Senate Banking subcommittee on digital assets, asked for unanimous consent to delay the vote until Monday to give lawmakers more time. 'We've made some great progress over this past week,' Gallego said on the Senate floor ahead of Thursday's vote. 'I greatly, greatly appreciate the work that we've done in a bipartisan manner.' 'The reason you're hearing some hesitancy, the legislation of this scope and importance really just cannot be rushed, and we need time both to educate our colleagues and people,' he added. 'We're not shutting down. We don't want to shut this down to the point where we're ending all this work that we have put into it.' 'We want to bring this economy and this innovation to the United States, and I'm asking for that time,' he continued. 'I want to be clear that you do have enough members across the aisle that want to see this pass in a good manner.' His request was ultimately rejected, and the Senate proceeded with the vote. Senate Republicans have expressed frustration with their colleagues across the aisle, arguing that they have worked on the legislation for months and incorporated their feedback. Thune slammed Democrats for blocking the legislation, emphasizing they would have had an opportunity to consider more tweaks on the floor before a final vote. 'If Democrats were interested in further changes as they claim, they would have had the chance to make those changes on the floor,' Thune said. 'All they had to do was vote for cloture. Not every bill that comes to the floor is a final bill. Now, that might be how it worked when they were in control, but Republicans are doing it differently.' Thune suggested Democrats may be attempting to block Republicans and President Trump from securing a bipartisan win. 'I just have to say frankly I just don't get it. I don't know what more they want,' he said. 'Which of course makes you wonder if this is about the bill at all. Or if it's simply Democrats obstructing because they want to deny Republicans or President Trump a bipartisan win. Now given the fact that Democrats keep moving the goal posts, it's hard not to suspect that is the case.' Treasury Department Secretary Scott Bessent also ripped Democrats, saying the Senate 'missed an opportunity to expand dollar dominance and U.S. influence in financial innovation.' 'The world is watching while American lawmakers twiddle their thumbs. Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore,' Bessent said in a statement posted to the social platform X. The failed vote marks a loss for the crypto industry, which has gained new momentum under the Trump administration and Republican leadership in Congress. Stablecoin legislation — one of two key priorities for the president and GOP lawmakers alongside digital asset market structure legislation — had been sailing forward until last week. The GENIUS Act passed out of the Senate Banking Committee with support from five Democrats in March, while its companion in the House, the STABLE Act, passed out of the House Financial Services Committee last month. Crypto legislation now faces a more difficult road ahead, especially as Trump and his family continue to expand their crypto portfolio. World Liberty Financial, the crypto venture launched by the president and his sons, announced last week that its new stablecoin would be used to complete a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. The deal has drawn heavy scrutiny from Democrats, who argue that Trump is attempting to profit from the crypto industry and potentially exposing the U.S. government to foreign influence. Opponents of the GENIUS Act, such as Sen. Elizabeth Warren (D-Mass.), pointed to the deal to underscore their concerns with the legislation. 'Trump is already using his stablecoin to get a cut of a $2 BILLION deal with a shady UAE fund,' Warren wrote on X on Tuesday. 'The Senate will vote on the GENIUS Act, a crypto bill which would make the President's grift even easier. If we don't fix that problem, no Senator should vote for it.' It has also provoked pushback from Democrats in the House, who walked out of a hearing on market structure legislation Tuesday. Updated at 3:40 p.m. EDT. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
Top Democrats to roll out new bill countering Trump on housing
The top Democrats on the House Financial Services and Senate Banking committees, Rep. Maxine Waters of California and Sen. Elizabeth Warren of Massachusetts, will announce a new bill today that would insulate the Department of Housing and Urban Development against President Donald Trump's deregulatory agenda — including by reinstating a rule requiring recipients of federal funds to address housing discrimination and creating a database of housing discrimination complaints, according to text shared with Semafor. 'As our nation faces the worst affordable housing and homelessness crisis in history, we cannot afford to lose protections,' Waters said. The bill isn't going anywhere, but it's still a notable opening salvo as lawmakers negotiate bipartisan housing proposals. Banking Committee members have been told to prepare for a housing markup next month, a person familiar with the planning said, though another person said there's a chance legislation won't be ready until June.
